The Next Chapter: Business Succession Planning

Can your business survive without you? Can it thrive? Together we’ll cover the key aspects of a business succession plan, like proper valuation provisions and operational redundancy, and how corporate governance structures can help you achieve those goals.

Show Notes

Those who’ve started a business know: the business is your baby. It takes love, patience and sleepless nights to get it on its feet. As it grows, you’re so proud of it. But just like a child, there comes a time when you have to let the business go. And the hope is that you’ve prepared your business to function independently, without your guidance. Can your business survive without you? Can it thrive?

Whether it’s by design or unexpected, there will be a day when you’re no longer able to run things as you once did. If you’ve prepared right, your business will be able to keep flourishing long after you’ve retired. But what does that preparation entail? It starts with a strong business succession plan, an area of expertise for our two guests on this episode: Ari Marin, Wealth Strategist at Cadence Bank, and Eric Priamo, founder and managing partner of Juniper Equity. 

Together we’ll cover the key aspects of a business succession plan, like proper valuation provisions and operational redundancy, and how corporate governance structures can help you achieve those goals. Ari and Eric will also lead us through how to tackle the hard, emotional conversations that come with succession.

So join us as we write a new chapter: for your business, your family, and you.

Highlights:

• All the variables in a succession scenario (3:08)
• Why is succession planning critical? (4:49)
• What can happen if there isn’t a plan in place (7:11)
• The biggest barrier to the planning process (10:24)
• How to avoid family drama when talking succession (12:28)
• The farmer, the cow, and the milk: Identifying your goals (15:52)
• How Ari starts a succession plan (16:56)
• Keys to a good plan: Proper valuation provisions (18:33)
• Keys to a good plan: Flexibility & Redundancy (20:17)
• The tax tail can’t wag the dog (23:35)
• Defining corporate governance (24:54)
• How corporate governance helps you achieve your succession goals (28:18)
• How to empower your advisors (32:56)
  
  

Links:

• Cadence Bank Website
• Cadence Bank Twitter
• Cadence Bank LinkedIn
• Juniper Equity Website
• Ari Marin LinkedIn
• Eric Priamo LinkedIn
• Cadence Bank – Business Succession Planning

Feedback:

If you have questions about the show or topics you'd like discussed in future episodes, email our producers, [e-mail] or [e-mail]. 

What is In Good Companies?

Starting and running a business or managing one isn’t for the faint of heart. You’re balancing internal and external forces in a continually changing landscape. This is where Cadence Bank’s In Good Companies comes in. We share our wealth of knowledge–and insights from noted industry experts–to guide you through the forces shaping business today.

It’s hosted by Patrick Pacheco, an EVP and President of Cadence Asset Management and Trust, who has more than 25 years’ experience and is a self-proclaimed lifelong learner. He leads discussions with business owners and subject matter experts about how they’re tackling business challenges like:

● What are ways to grow my business without growing my debt?
● How can I turn my data into meaningful information?
● Why is company culture more important than ever?

It’s information you need, in one place, in under 30 minutes. More than 250,000 listeners tune in each week. Shouldn’t you?

ABOUT OUR HOST
With more than 25 years’ experience in wealth management for business clients and a penchant for hosting, Patrick Pacheco is an EVP and president of Cadence Asset Management and Trust, and presenter of the bank’s In Good Companies podcast, now in its fourth season.
His background features years of legal practice and multiple degrees, including a Master of Taxation from University of Houston, a law degree from Southern Methodist University, and both a Master of Business Administration and Bachelor of Science in Economics from University of Texas at Arlington.
Pacheco describes himself as a lifelong learner and someone who loves asking questions–probably the ones you’re thinking about too. He’s especially excited about season four because of the diversity of topics and guests who will not only share their wealth of knowledge, but listeners will also get tips and tricks they can use in their own businesses, careers and professional lives.